In order that the village has the assurance that the construction and installation of such improvements and infrastructures as storm sewers, water supply, sewage disposal, landscaping, road signs, sidewalks, parking, parks, playgrounds, access facilities and road surfacing will be constructed, the Planning Board shall require that the applicant complete said improvements before final approval is granted or that the applicant shall enter into one of the following agreements with the village:
The applicant shall furnish a bond, executed by a surety company, equal to the cost of construction of such improvements as shown on the plans and based on an estimate furnished by the Village Engineer and approved by the Planning Board. Such bond shall require the approval of the Board of Trustees and the Village Attorney as to form, sufficiency, manner of execution and surety. The term of the performance bond shall be three years and may be extended by the Planning Board with the consent of the parties thereto.
In lieu of the bond, the applicant may deposit cash, a certified check, an irrevocable bank letter of credit, a certificate of deposit or other forms of financial security acceptable to the village. Acceptable substitutes, if furnished, shall be kept on deposit with the village for the duration of the bond period.
In order that the village has the assurance that the improvements mentioned above function properly for a reasonable period, the applicant shall enter into an agreement with the village upon completion of the work required under the installation guaranty so that:
Such work is guaranteed for a minimum of two years after it is completed and inspected.
Such work is guaranteed for a minimum of 10% of the total improvement costs of $5,000, whichever is greater. The method of providing the maintenance guaranty shall meet the approval of the Village Board and the Village Attorney.
Installation and maintenance guaranties to the village shall provide that the subdivider, his heirs, successors and assigns and their agents and servants will comply with all applicable terms, conditions, provisions and requirements of this chapter and will faithfully perform and complete the work of constructing and installing such facilities or improvements in accordance with such laws and regulations. Any such guaranties shall require the approval of the Village Board and the Village Attorney as to form, sufficiency, manner of execution and surety, and the same shall be made payable to the village.
The construction or installation of any improvements or facilities, other than roads, for which guaranty has been made by the subdivider in the form of a bond or certified check deposit shall be completed within one year from the date of approval of the final plan. Road improvements shall be completed within two years from the date of approval of the final plat. The subdivider may request an extension of time, provided that he can show reasonable cause for inability to perform said improvements within the required time. The extension shall not exceed six months, at the end of which time the village may use as much of the bond or check deposit to construct the improvements as necessary. The same shall apply whenever construction of improvements is not performed in accordance with applicable standards and specifications. There shall be no extension of time given unless and until the bond, letter of credit or other approved financial security shall be extended as well, and proof of such extension shall be provided to the Village Board prior to granting an extension.
When installation guaranties are made pursuant to § 132-33, the village and subdivider shall enter into a written agreement itemizing the schedule of improvements in sequence. Each cost, as listed, may be repaid to the subdivider upon completion and approval after inspection of such improvement or installation.
Upon approval by the Village Board, the Planning Board, after due notice and public hearing, may modify its requirements for any or all improvements, and the face value of the installation guaranty shall thereupon be increased or reduced by an appropriate amount so that the new face value will cover the cost in full of the amended list of improvements required by the Planning Board and any security deposited with the installation guaranty may be increased or reduced proportionately.
Periodic inspections during the installation of improvements shall be made by the Subdivision Inspector or the Village Engineer to ensure conformity with the approved plans and specifications as contained in the subdivider's agreement and this chapter. The subdivider shall notify the Subdivision Inspector when each phase of improvements is ready for inspection. At least five days prior to commencing construction of required improvements, the subdivider shall notify, in writing, both the Village Engineer and the Subdivision Inspector of his intent to commence construction of the improvements. Upon acceptable completion of installation and improvement, the Village Engineer shall issue a letter to the subdivider or his representative certifying the completion of such work.
When the Village Department of Public Works Superintendent and the Village Engineer, following final inspection of the improvements, certify to the Village Board that all installations and improvements have been completed in accordance with the contract, the Village Board may, by resolution, proceed to accept the facilities to be dedicated to the village for which installation and maintenance guaranties have been provided.